To prevent a repeat of such delays, Nasdaq said Monday that it has tweaked its IPO process and will no longer accept last-minute changes to orders for shares of an IPO.

Drona, the ABR analyst, said he had expected an initial pop of Facebook's shares. But the current trading level is already near his price target of $31 to $33 per share. He cites Facebook's lack of mobile revenue as a major downside to the stock.

"Facebook has said they're working on it, and [critics] seem to have a great deal of confidence that they'll nail it," Drona said. "But they don't have a model in place right now. Without a solid plan, you don't know how you're going to make money on a large part of your user base. And that's a concern."

Meanwhile, other newly public tech companies also took a dive on Friday, including Groupon (GRPN) and LinkedIn (LNKD). Zynga (ZNGA), the maker of FarmVille and other games that are played mostly on Facebook, plunged more than 10% on Friday.

Groupon recovered its losses and then some on Monday, gaining about 7.6%. Zynga and LinkedIn each extended their losses.